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Caisse Nationale des Autoroutes Jun 09
Standard & Poors, June 2009
Abstract
Ultimate statutory sovereign guarantee over the entity's obligations A politically essential mandate as the state body for financing construction of the French toll-road network since 1963 No stated government intention to change the agency's mandate Absence of long-term privatization prospects Very high debt, the capacity for repayment of which primarily relies on French toll-road operators High concentration risk given that three entities represent 90% of the loans due to and undertaken by Caisse Nationale des Autoroutes The ratings on French toll-road financing agency Caisse Nationale des Autoroutes (CNA) reflect its 100% state ownership and status as an 'Etablissement Public National - Caract-re Administratif' (EPA), which affords its obligations the ultimate guarantee by the Republic of France (AAA/Stable/A-1+). 'Ultimate' refers to...
Companies mentioned in this report are: Caisse Nationale des Autoroutes,Societe Nationale des Chemins de Fer Francais,Agence Francaise de Developpement,France (Republic of) (Unsolicited Ratings),Caisse d'Amortissement de la Dette Sociale,Caisse Centrale de Reassurance,Reseau Ferre de France,Societe Anonyme de Gestion de Stocks de Securite,Societe de Financement de L'Economie Francaise
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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